Thermo Fisher Scientific supplies the picks and shovels of life science: lab instruments, reagents, consumables and services used by pharmaceutical companies, hospitals and research institutions. A large share of revenue recurs, since every experiment consumes chemicals and plastics regardless of the economic cycle. The company also runs contract manufacturing and clinical research services for drug developers. Built through decades of acquisitions, most notably the Thermo Electron and Fisher Scientific merger of 2006, it grows by folding new capabilities into a vast distribution machine.